Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Bartlett Towne Center, a 192,624-square-foot, Kroger-anchored neighborhood retail center in the Memphis-area community of Bartlett, Tennessee.
HFF marketed the property for the seller, Weingarten Realty Investors. Branch Properties, LLC purchased the asset free and clear of existing debt.
Located at 6045 Stage Road, Bartlett Towne Center is situated at the “main and main” intersection of Stage Road and Bartlett Boulevard, which, with more than 62,000 vehicles per day, is one of the most heavily traveled intersections in the trade area. More than 75,000 residents earning average annual income of $68,950 live within a three-mile radius of the center. In addition to Kroger, the 94-percent-leased Bartlett Towne Center is home to Petco, Dollar Tree, Shoe Carnival, Rent-A-Center, Sally Beauty, FedEx, Ups Store, O’Charley’s, Mattress Firm, Cato, Supercuts and AT&T.
The HFF investment sales team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid and associate Brad Buchanan.
“Bartlett Towne Center represented a rare opportunity to acquire a dominant, high-performing Kroger-anchored shopping center in the fast-growing Memphis MSA,” Hamilton said.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At March 31, 2017, the company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 218 properties which are located in 18 states spanning the country from coast to coast. These properties represent approximately 44.4 million square feet of which our interests in these properties aggregated approximately 28.4 million square feet of leasable area. To learn more about the company’s operations and growth strategies, please visit www.weingarten.com.
About Branch Properties, LLC
Founded in 1973 and based in Atlanta, Branch Properties, LLC, is a private real estate investment firm whose primary focus is high-quality, grocery-anchored shopping centers located in Georgia, Alabama, Florida, Tennessee, North Carolina and South Carolina. As a vertically integrated real estate operating company, Branch has the in-house expertise to source, negotiate, acquire, develop, re-develop, finance, lease and manage its investments. Over the past four decades, Branch has acquired, developed and managed over $2.5 billion of commercial real estate, accounting for more than 12 million square feet of leasable space. Learn more at http://www.branchprop.com.
About HFF
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
